Used car values are improving as Britons desperately seek out the best models but don’t want to pay new car prices.
Data released in BCA’s Quarterly Pulse Report shows the average value of a used car in the first quarter of 2012 was £6,114 – the highest ever recorded in the first quarter since Pulse began reporting in 2005.
Year on year, Q1 12 was ahead by £215 (3.6%) and significantly ahead of the average values being recorded in the pre-recessionary period.
Values increased in all three sectors. Fleet & lease values increased steadily during the first quarter of 2012, reflecting the structural shortage of supply affecting the market. The part-exchange sector established record monthly and quarterly average values in Q1 12, and nearly-new values improved year-on-year.